By Tasos Dasopoulos
An operational arrangement agreement for the Recovery and Entrepreneurship Fund was signed between the Ministry of Finance and the European Commission, paving the way for Greece to apply for the first tranche of € 4 billion from the program, which should normally have been disbursed as the end of 2021.
The agreement should have been signed in October, but the submission of the relevant documents was delayed by Brussels. Thus, although the first 13 milestones of the program had been fulfilled, the application on behalf of YPOIK for the disbursement of the installment of 4.1 billion euros (1.97 billion euro grant and 2.14 billion euro loans) was delayed. which will flow in the first quarter of 2022.
The operational agreement, signed by the Commissioner for Economic Affairs Mr. Paolo Gentiloni and the Deputy Minister of Finance and responsible for “Greece 2.0” Mr. Theodoros Skylakakis, defines in detail the steps of monitoring the implementation of the projects and reforms included in the plan.
In particular, the agreement specifies the arrangements and timetable for monitoring and implementation, the indicators of fulfillment of the envisaged milestones and targets, the arrangements for giving the Commission full access to the relevant documentation, and, where appropriate, the additional milestones and targets related to loan repayment.
In particular, it is stipulated that the implementation of the program takes place four times a year.
Given that the Reconciliation Fund’s noticeable difference from the rest of the European Union’s financial instruments is that disbursements to Member States are based on the fulfillment of milestones and targets, not expenditure, the business arrangement agreement is an important development for the country. on the way to the effective use of the resources of the Recovery Fund.
The business arrangement agreement (archive in English) is posted on the website www.greece20.gov.gr, of “Greece 2.0”.
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Source From: Capital
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